G4S braced for bigger Olympic loss

G4S is set to take a bigger hit over the Olympics security fiasco than the STG50 million ($A77 million) it originally estimated, according to reports.

The FTSE100 company, which is in the final stages of negotiations with Games organisers LOCOG, will incur a total loss of between STG50 million and STG100 million, according to the Sunday Telegraph.

The two sides have been in talks over a final settlement for the STG240 million security contract, after G4S failed to provide all of its 10,400 contracted guards. The shortfall left the British government with no choice but to step in with military personnel.

Two G4S directors resigned in the wake of an independent review into the company's botched London Olympics contract, when the group only fulfilled 83 per cent of contracted shifts.

Chief operating officer David Taylor-Smith and Ian Horseman Sewell, who is head of global events, carried the can for the fiasco, but chief executive Nick Buckles stayed in his post.

G4S, which is the world's biggest private security company with more than 650,000 staff worldwide, has also lost a Ministry of Defence (MOD) contract to investigate alleged "war crimes" by British troops in Iraq.

G4S subsidiary - G4S Policing Solutions - which had provided 40 former police officers to the Iraq Historic Allegations Team, had lost the contract it held for two years, the Sunday Telegraph said.